For many CFOs at growing companies, working capital is no longer a back-office cushion, but rather a strategic lever.
This is a central result of “Corporate working capital index for growth 2025-2026“, a Visa and PYMNTS Intelligence report based on a survey of 1,457 CFOs and treasurers in 23 countries, five regions and 10 industry groups. The report shows that growing companies, often described as middle market companies, are using external working capital tools to manage volatility, support expansion and build resilience through 2026. These companies generate enough scale to support local, regional and global economies, but many are still underserved by traditional financial services providers.
The CFO angle is clear. Financial sector leaders are not just trying to cover the shortfall. They are trying to make cash flow more predictable. This means using working capital to finance capital investments, purchase inventory, expand into new markets, upgrade systems and pay strategic suppliers faster.
The results indicate a more active model of treasury management, where liquidity is used more precisely.
- 65% of growing European companies are using new forms of AI to achieve working capital efficiencies. The report defines those uses as including financial planning, forecasting, scenario modeling, invoice processing, reporting, and customer or supplier qualification. Followed by Latin America and the Caribbean at 62%, the Asia-Pacific region at 61%, the Central and Eastern Europe, Middle East and Africa region at 59%, and North America at 42%.
- 61% of growing North American businesses use card acceptance as a strategy to reduce days of sales on hold. Followed by Europe with 54%, Latin America and the Caribbean with 53%, Asia and the Pacific with 50%, and Central and Eastern Europe, the Middle East and Africa with 45%. For CFOs, this points to a practical way to convert receivables into usable cash sooner.
- Growing companies in Latin America and the Caribbean lose an average of 5.0% of their revenue due to late payments from business customers. Comparable figures are 4.0% in Europe, 3.6% in Central and Eastern Europe, the Middle East and Africa, 3.5% in Asia-Pacific, and 3.0% in North America. This explains why payment speed and clarity of vision remain at the top of the CFO’s agenda.
The positive read is that finance teams have more tools than they did a few years ago. Artificial intelligence can help predict cash needs. Card acceptance can help reduce collections. External working capital can help CFOs act before cash pressure becomes a constraint.
The report also finds measurable benefits from using external working capital solutions. Average final benefits range from 3.1% of revenue in North America to 5.0% in Latin America and the Caribbean. In dollar terms, these benefits range from $13.4 million in North America to $24.1 million in Europe, based on underlying revenue estimates in the report.
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This does not mean that every sector or region faces the same trade-offs. Agriculture, health care, manufacturing, construction, retail, travel, and technology all show different patterns of working capital. Some sectors face high costs of late payments. Others are showing stronger adoption of artificial intelligence. However, the broader story is consistent.
CFOs are being asked to do more than maintain liquidity. They are required to turn liquidity into an operational advantage. The data suggests that many are already moving in this direction.
